Sight-Unseen Offers Are Growing

Sight-Unseen Offers Are Growing

Real estate sales are continuing on within a global pandemic as the use of virtual tools is giving buyers a feel for homes—so much so that some are willing to put an offer on a home without even physically stepping inside.

A quarter of REALTORS® surveyed reported that their clients put contracts on homes this week without physically seeing the property. The survey was released Thursday by the National Association of REALTORS®.

As stay-at home orders keep more Americans physically distant, real estate pros are rushing to adapt their businesses and find ways to still show properties for those wanting to continue on with a home purchase. Virtual tours online are growing more common, whether through video or 3D models, and agents are conducting private video showings via platforms like Zoom, FaceTime, Skype, or others.

Real estate sales are continuing during the global pandemic as the use of virtual tools is giving buyers a feel for homes—so much so that they’re willing to put an offer without physically stepping inside.

A quarter of REALTORS® surveyed by the National Association of REALTORS® April 12–13 reported that their clients put contracts on homes this week without seeing the property in person.

As stay-at-home orders keep more Americans physically distant, real estate pros are rushing to adapt their businesses and find ways to show properties. Virtual tours online are growing more common, whether through video or 3D models, and agents are conducting private video showings via platforms like Zoom, FaceTime, Skype, and others.

These virtual options are leading to offers. The brokerage Redfin reported that for the week ending April 12, one in eight Redfin offers were written by customers who viewed the home via video chat. Some of these customers also viewed the home in person after viewing the home on video chat first. Mara Gemond, a real estate professional with Redfin in Virginia, said she’s had three buyers who’ve written offers based on a video tour.

Of those home buyers who put in an offer last week, they had viewed three homes prior, either virtually or in person, according to NAR’s latest Economic Pulse Flash Survey released Thursday. That indicates the buyers who are currently looking for a home are being very decisive and acting quickly. A previous 2019 survey from NAR shows that buyers typically look at nine homes prior to placing a contract on a home.

While some offers are continuing on—albeit in different ways—the real estate industry warns a slowdown is inevitable while the economy is shut down.

“Expect second-quarter home sales activity to slow down with the broad observance of stay-at-home orders, but sales will pick up when the economy reopens as many potential home buyers and sellers indicate they’re still in the market or will be in a couple of months,” says NAR’s Chief Economist Lawrence Yun. “Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10% of REALTORS® report the same level or even more business activity now than before the economic lockdown.”

One-third of REALTORS®–or 33%—reported no closing delays from the COVID-19 outbreak. For those who did report delays, the top reasons cited were delays due to financing, appraisals, and home inspections.

Within the multifamily sector, property managers are reporting a surge in tenants who are facing rent payment issues. Forty-one percent of property managers reported being able to accommodate tenants who cannot pay rent, and about a quarter of individual landlords—or 24%—reported the same, the NAR survey showed.

I read this article HERE 

Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.  How can The Caton Team help you?

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.


 

How To Negotiate an Offer on a Home in the Age of Coronavirus

How To Negotiate an Offer on a Home in the Age of Coronavirus

 

The real estate market—and daily life—has been completely upended in just a few weeks. Yet maybe in spite of it all, you’ve managed to find a home you love and are ready to make an offer. Congratulations! But as you hover on the brink of what is potentially the biggest investment of your life, amid a global crisis, you may be feeling a fair amount of uncertainty.

We’re here to help you navigate this step with a new series, “Home Buying in the Age of Coronavirus.” Our third installment aims to help you answer the question: “How do I negotiate an offer right now?” It’ll also help you figure out how to get your offer to the closing table.

Here is everything you need to know about getting from offer to closing during the coronavirus pandemic.

How low can you go?

So how much can you lowball? Not as much as you would think.

“Banks have rolled out mortgage forbearance programs, so most sellers are not in immediate danger of losing their home, even if they just lost their job or their income has been significantly cut,” says Caleb Liu, who flips homes in Southern California with HouseSimplySold.com. “Other sellers have opted to pull their listings and wait for better market conditions, so inventory remains tight.”

On the other hand, a home seller who doesn’t have the luxury of time is facing a smaller buyer pool, due to stay-at-home orders and concerns about buying a home based on what may only amount to a virtual tour. So buyers could have the upper hand for a short time when it comes to homeowners who need to sell.

“Here in the Phoenix and Scottsdale region it’s still a very strong seller’s market with a low inventory of homes,” says Jo Ann Bauer, an agent with the Ozer Group Coldwell Banker Realty. “However, I think nervous sellers are going to be more open to price adjustments and negotiating with buyers, so there is room for buyers to be more aggressive in their offer price.”

Still, buyers should not assume that because we are in a pandemic they can automatically lowball a seller. Sellers may be more willing, however, to entertain offers on the lower end.

“While I’m not seeing lowball offers, I am seeing sellers—who may have held out for potential better offers if we were not in this crisis—quick to take offers they receive and get officially under contract,” adds Julia Henson, a real estate professional in Springfield, MO.

The only way to test a seller’s level of motivation is to make an offer, says John Grimes, an agent in Atlanta. But play it safe.

“Just remember that most sellers that don’t absolutely need to sell would rather not engage with a buyer that is seeking to take advantage of the situation,” says Grimes, who advises offering a modest discount of 3% to 5% below asking price to start a dialogue.

Be prepared for a longer closing

Ordinarily, once your offer is accepted, it’s a straight line to closing. In the age of coronavirus, that journey is more of a zigzag. That means buyers need to prepare for potential delays.

This is due to the health and safety concerns of appraisers, home inspectors, and repair contractors. They are adjusting their guidelines and availability, which can slow the transaction. (Many of these professionals are quickly adapting to doing their work remotely when possible.)

“Buyers may need to embrace a longer transaction process by setting the closing date out further than the typical 30 days,” advises Bauer.

She also recommends adding contingencies in the contract for the in-person viewing of the property.

“By anticipating a potential delay upfront and writing an extension into the contract, buyers can have a little more peace of mind in this uncertain time,” she says.

Ensure you have a mortgage commitment

Securing financing may be the biggest challenge right now, so make sure you have a mortgage commitment letter when you make an offer. This is a more detailed document than a pre-approval and, as the name implies, represents a firm commitment from your lender.

“Banks are issuing fewer loans in order to conserve cash to offset the imminent delinquencies,” says John Castle, an agent with Keller Williams Integrity Realty in Ottawa, Ontario. “Many buyers believe they have secured financing when, in reality, their lender may have only conditionally approved their loan.”

And many lenders are tightening up their terms and conditions. Minimum credit scores and required cash reserves have risen to new levels, making it difficult for many buyers to qualify.

Make sure your lender is staying on top of the fast-changing mortgage industry, says Nathan Claire, an agent at Momentum Realty in Jacksonville, FL.

“But as long as the buyer can qualify for whatever financing they are seeking to acquire, there shouldn’t be any issue with achieving a successful close,” Claire says.

Just don’t be afraid to over-communicate during this time.

“Make sure you touch base with your lender preferably every day, or at least every other day,” says Liu. “The credit markets are shifting rapidly.”

And if you have the funds, all-cash offers are even more desirable to sellers during this time, as they allow buyers to close on the home more quickly than an offer contingent on financing.

 

I read this article HERE 

Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.  How can The Caton Team help you?

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.


 

The Caton Team with some Buyer Advice

Welcome to our new series by The Caton Team – Client Advice – things we’ve picked up in the past 35 years of being Realtors…

When considering a home purchase… Be flexible. Determine your budget and goal, then adjust accordingly to achieve it.

In our experience the home you think you want at the start and the home you actually buy are two very different homes – and that’s ok.  In the end – a buyer finds the right home for their life and budget.

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Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.  How can The Caton Team help you?

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.


 

Everything You Need to Know About Moving Safely During the Coronavirus Pandemic—If You Must

Everything You Need to Know About Moving Safely During the Coronavirus Pandemic—If You Must 

Packing up and moving has always been remarkably stressful in and of itself. Moving during the coronavirus pandemic, when everyone across the nation is supposed to be staying put to lower their risk of illness? Well, that’s a tricky undertaking, to say the least.

We’re here to help you navigate moving safely with the final installment of our new series, “Home Buying in the Age of Coronavirus.”

First, a note of caution: If you don’t have to vacate your current home, consider staying right where you are. Aim to reschedule your move for when the spread of the coronavirus outbreak slows and the government lifts restrictions on movement.

“During this crisis, many customers are postponing their moves and some are just completely canceling them,” says Lior Rachmany, CEO and founder of New York’s Dumbo Moving and Storage. “However, we’re still receiving a great deal of new customers that need to move at this time.”

So if you are one of those people who absolutely have to move right now—maybe the home you own or rent was recently sold, you have to relocate for a new job, or you just closed on a new home—then here’s some info on how to move safely during this pandemic.

Checklist: Before you move

Make sure moving is allowed in your area or building

Not sure if you can move? According to the American Moving & Storage Association, moving has been deemed an “essential service” by the federal government.

Still, while moving is legal in the big picture, it might not be allowed for your specific circumstances. For instance, some apartment buildings in New York City are not allowing residents to move during the current shelter-in-place order. So check with your local and state governments (and your HOA or condo board, if applicable) before scheduling any move.

Choose car travel over air travel

“In order to be safe and to protect others from possible exposure to the coronavirus, drive instead of fly for your long-distance move,” advises Ali Wenzke, author of “The Art of Happy Moving.”

It may take longer for you to arrive at your new home, but driving is better for the safety of everyone.

Carefully research your movers

Hiring movers should always be a process that involves careful research before signing a contract. Now that missive is even more important. So is using professional movers rather than a cheaper man-with-a-van option, which could involve unknown rental equipment and multiple trips to get everything moved.

These days, many companies have transitioned to contactless moving, which means customers leave their homes while the crew comes in to pack up and load the truck. Many movers are also using video chat technology to see customers’ homes and offer quotes.

At Bellhops, a company that provides moving services in 30 states, “the customer provides instructions and takes a video and sends it to us,” says Luke Marklin, the company’s CEO. “We do a FaceTime walk-through when we arrive and a final FaceTime walk-through to show them the truck and the house, then repeat that process for the unload.”

Make sure to ask all prospective movers about their COVID-19 policies and practices, and make sure to ask the following:

  • Do you provide virtual or digital estimates?
  • Are the trucks and movers equipped with hand sanitizer, masks, and gloves?
  • Will the truck transporting your furniture and boxes be thoroughly cleaned and sanitized before your belongings are packed inside?
  • Will all equipment—such as hand trucks and sound blankets—be cleaned before your move?
  • How often are high-touch surfaces in the trucks sanitized?
  • What is your cancellation/rescheduling policy?
  • How are the movers ensuring employees aren’t sick? This could include taking their temperature on the day of the move and asking if anyone in their household is ill or experiencing symptoms.

These best practices don’t just apply to the movers but to you as well.

“We advise that anyone who is planning to move right now to get gloves and masks to wear during the move,” says Rachmany.

Decluttering? Call ahead if you plan to donate

Moving is a natural time to sort through your closets and set aside items to donate. This unusual time period doesn’t have to be an exception to this.

But if you plan to drop off old housewares, clothing, and other items at your neighborhood Goodwill or Salvation Army, call ahead—not all stores are open or accepting donations right now, and you may need to take additional steps to sanitize donated items.

Plan ahead if you need to set up new internet or cable service

If you need a technician to come to your place to set up internet or cable service with a new provider, schedule that installation ASAP so you can get connected as quickly as possible and avoid delays.

Appointments are harder to come by these days, says Jenna Weinerman, vice president of marketing for Updater, a moving app. “You can’t bank on getting an installation appointment as easily as you have in the past.”

Use new cardboard boxes you pack yourself

“In normal times, I recommend using neighborhood sites like Nextdoor or Craigslist to get free moving supplies,” says Ali Wenzke, author of “The Art of Happy Moving.” However, during the coronavirus pandemic, it’s safer to buy brand-new moving supplies.

Don’t use plastic bins, either—the coronavirus can survive up to a day on cardboard, but three days on plastic.

You should also pack your own china, books, and clothing rather than hiring movers to do it. The fewer items the movers touch during your move, the safer you will be from exposure to the coronavirus.

Stock up on cleaning supplies for you and your movers

Don’t pack up your cleaning supplies quite yet. Even though your movers should come equipped with their own supplies, you can help by providing plenty of opportunities for the crew to wash their hands before, during, and after the move—and to wash your own hands before and after making contact with any surfaces.

“At a minimum, you want adequate supplies of antibacterial soap, hand sanitizer, and disinfectant wipes on hand,” says Matt Woodley, founder of MoverFocus.com. “You will need to disinfect all common areas before and after your movers arrive, too.”

Checklist: On moving day

Don’t involve more people than necessary

Many moving companies are reducing crew sizes to comply with guidelines to avoid gatherings of 10 or more people. Homeowners and renters should also try to reduce the number of cooks in the kitchen.

“Designate one person to manage and oversee the entire move to ensure best social distancing practices are observed,” Woodley says.

Time your move carefully

If possible, plan your move so that the crew drops off your belongings first, then wait at least 72 hours to move yourself or your family into your new place—by then, the virus is less likely to remain on any surfaces.

If you have to move at the same time as your items, Weinerman suggests packing a designated “open first” box that you drop off before the rest of your items. Fill the box with essentials like disinfectant spray, paper towels, snacks, soap, toiletries, bed linens, phone chargers, and a change of clothes.

“Place the rest of your boxes away from your ‘open first’ box,” she says. “Cover it in colorful tape or use colored markers to make sure it doesn’t get swallowed up in a sea of brown boxes.”

To be safe, disinfect the box and the items inside when you open it.

Disinfect all points of contact

As you come in and out of your new and old places, you’ll need to frequently disinfect doorknobs and cabinet pulls, along with wearing a mask and gloves. Keep windows open to promote airflow and circulation.

If you’re moving in or out of a multiunit building, take extra care in common areas like the lobby or mailroom where your neighbors pass through. Don’t forget to sanitize any surfaces you touch, including elevator buttons.

“It’s really helpful to reserve a dedicated elevator,” Marklin says. “One of the worst situations is to be crammed together in a crowded elevator.” He also suggests scheduling your move early in the day to avoid running into neighbors.

—————

Checklist: After the move

Wipe down your moving boxes and furniture

Even if your movers take every precaution to keep you and your belongings safe, the coronavirus can be spread by asymptomatic carriers. So you will need to thoroughly clean and disinfect everything after the movers leave.

“Even things that are wrapped in moving blankets, like tables or couches, should be completely disinfected before using them again,” says Rachmany.

To play it safe, also give your boxes a good cleaning once they’re placed in the appropriate rooms, and make sure to thoroughly wash your hands after handling any items the movers touched.

Canceling or changing your move if you’re sick

Feeling under the weather? Don’t think twice about canceling or postponing your move; it’s not worth putting others at risk.

In most cases, your agreement with a moving company is nonbinding, Weinerman says, which means you can change your plans without penalty.

“However, if your moving company collected a deposit prior to your move, it may be nonrefundable,” she says. “Contact your moving company about your deposit. Many reputable moving companies will be flexible or make an exception considering the pandemic.”

Companies like Bellhops have waived cancellation and rescheduling fees for anyone who needs to change plans due to illness.

“This is a pandemic, so all of the previous rules need to be thrown out the window,” Marklin says. “Everything needs to be viewed with heightened care and concern.”

By

I read this article HERE 

Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.  How can The Caton Team help you?

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.


 

 

The numbers are in for 4.14.202 – 4.21.2020 – County Stats

Hello Caton Team Friends,

As we find the new normal, I am totally enjoying all the virtual open houses.  I’m impressed the with the number of pending sales and new listings.  Below are this weeks stats.  I’ve enjoyed speaking to buyers and sellers of late and determining our best course of action.  It’s great to see so many homes are selling and we’re tracking sales along with you.

Each market is unique and with over 35 years of combined Real Estate experience, The Caton Team is more than happy to be of service if and when you are considering a move. Contact us anytime and anytime during your journey, together we’ll help you achieve your reach estate goals.

 Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

IMG_2258IMG_2257IMG_2259IMG_2260

Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.  How can The Caton Team help you?

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.

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Mortgage Forbearance Could Spark More Financial Woes

Mortgage Forbearance Could Spark More Financial Woes

 

With business closures and job losses due to the coronavirus outbreak, about 2 million borrowers so far have applied for mortgage forbearance programs. But homeowners should fully understand what forbearance means before entering into such an agreement with their lender, financial experts advise.

Many homeowners who take forbearance options will be on the hook for making up missed payments in a lump sum at the end of the program. As one homeowner in Chicago realized, taking 90 days of forbearance on his mortgage would have meant he would have to pay three monthly payments at once at the end of the period.

In the last month, nearly 17 million Americans have filed for unemployment, as social distancing measures have prevented most businesses from operating as normal. This has left many homeowners scrambling to figure out how to pay their mortgages. Many homeowners with government-backed loans or private loans are being offered up to 12 months of forbearance. Homeowners will want to check on what happens at the end of the forbearance period: Will they be asked to pay back all of those missed payments in a lump sum?

Fannie Mae, Freddie Mac, and the Federal Housing Administration say they never require their borrowers to make lump-sum payments. Banks may also work out repayment plans with borrowers.

Joseph Sant, deputy general counsel for the Center for New York City Neighborhoods, told realtor.com® that he is concerned that the lack of uniformity among mortgage assistance programs may spark greater confusion among the public. “We are concerned about what’s going on right now, with many people going into these forbearance plans without a clear sense of what will happen at the end,” Sant says.

Financial experts are urging homeowners to weigh forbearance options carefully. “If you can make the payment, make the payment now,” mortgage broker Rocke Andrews, president of the National Association of Mortgage Brokers, told realtor.com®. “Don’t take [forbearance] if you don’t absolutely need it. It all becomes due, and who knows what happens between now and then.”

I read this article HERE 

Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.  How can The Caton Team help you?

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.


 

The Difference Between Mortgage Deferment and Forbearance

The Difference Between Mortgage Deferment and Forbearance

 

More homeowners are in search of mortgage relief due to the COVID-19 pandemic, and options like mortgage deferment and mortgage forbearance are becoming readily available to those in need.

But “we are seeing the terms being used interchangeably,” Sara Singhas, director of loan administration for the Mortgage Bankers Association, told realtor.com®.

Mortgage deferment and mortgage forbearance allow borrowers to temporarily stop making their monthly payments, but they differ in what happens afterwards. At the end of a forbearance period, the amount of payments missed are due in a lump sum, Singhas explains. However, lenders may choose to work with borrowers to structure a payment plan.

On the other hand, deferment is allowing borrowers to repay the money over time or add it to the end of their loan period.

“Technically, a mortgage forbearance agreement is when you’ve possibly been late, and the lender agrees not to foreclosure during that forbearance period,” Krista Allred, a mortgage loan originator, told realtor.com®.

In the current landscape, many borrowers haven’t become past due on their mortgage yet. But an the pandemic causes unemployment numbers to rise, borrowers are in a rush to seek help before they default.

“The moral of the story right now is to call your lender,” Allred says. “Don’t just assume you can skip a payment. Call them, let them know, and make arrangements.”

Forbearance and deferment aren’t the only options. Some lenders are doing loan modifications, too.

The bottom line is that lenders want to remind consumers: Nothing is free.

“It’s not free mortgage payments; it’s not free money. [Forbearance] is temporarily hitting the pause button on your mortgage, and not having to make the payment,” Mary Bell Carlson, a certified financial planner who operates a blog under “Chief Financial Mom,” told realtor.com®. “It does not necessarily pause the interest that is accruing, and it does mean that you’re going to have to make that principal and interest payment at a later date.”

Source: “Mortgage Deferment and Mortgage Forbearance—Is There a Difference?” realtor.com® (April 7, 2020)

I read this article HERE 

Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.  How can The Caton Team help you?

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.


 

LOANS ARE CHANGING

Hello Caton Team Friends!

A quick Real Estate Update.  If you’re in the market to purchase before or after the Covid-19 Shelter in Place – it would be wise to connect with your lender today.  Loans and guidelines are ever chaning in the wake of this pandemic and if you want to be prepared – you’ve got to understand your loan and if it will be available come May 1st.

I always find it best to work directly with a lender you know and trust.  Reach out to The Caton Team any time Call | Text | Sabrina 650.799.4333 | Susan 650.796.065  |  Email Info@TheCatonTeam.com and for more broad information you can read this article from CNBC.

Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.  How can The Caton Team help you?

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.


 

 

 

Spring Lawn Care After Snow, Rain, or Drought

Well – since we’re all home…. let’s work on the house!!!  (If you don’t have a house to work on – great time to plan and budget)…  back to the house – let’s talk about that yard….

Winter can bring extremes to many areas of the country.  Shelter in Place even more so.  If’ you’re stuck at home – what better time to work on the house… 

No matter what this winter was like where you live, your lawn is probably in need of a little TLC. Here is how to bring your yard back from the dead after rain, snow, or drought.

After Rain

If your area had a rainy winter, your lawn may be in very good shape. However, there is a point where there may have been too much rain and lawns can become waterlogged, especially if you have clay or heavily compacted soil. Waterlogging is caused when water sits on the soil surface and drains slowly, or fails to drain at all.

The Problems

  • Algae, lichens and liverworts
  • Moss
  • Clumps of rush may seed themselves, forming tussocks
  • Dry patches

The Solution

  1. Sweep off any excess water.
  2. Aerate your lawn with 1-inch deep holes for mild waterlogged lawns and 4-6 inches for more severe cases. This can be done by hand, or with power tools like a hollow tiner.
  3. Fill the holes with a free-draining material, such as lawn top dressings or horticultural sand which will allow the water to flow from the surface to deeper, less compacted layers.
  4. Remove moss and algae and spray with moss killer.
  5. Fertilize.

Prevention

  • Spiking it every few years in autumn
  • Feeding in autumn with a lawn feed, rich in phosphorus
  • Install a drainage system
  • Replace your lawn using turf laid on a bed of sharp sand

After Snow

After the snow melts, you may find that your lawn is not in the best shape. To help your lawn return to the lush green it once was, here’s what you need to know:

The Problems

  • Dead foliage
  • Snow mold
  • Dry patches
  • Compacted soil
  • Frozen sections

The Solution

  1. Wait for your lawn to completely thaw. Raking or mowing your grass before it thaws is likely to tear out grass and leave open patches in your lawn where weeds will find a home.
  2. Rake using a thatching rake to clear debris and thatch.
  3. Check for grey or pink snow mold; a cottony fungus which grows 6-12 inches in diameter. Though there isn’t a product you can spray to rid your lawn of snow mold, a deep raking will cure most mild cases.
  4. For lawns with compacted soil, aerate and fill holes with free-draining materials.
  5. Don’t water right away. Grass roots need to chase the water from the melting snow and spring rains. This will encourage deeper root growth to make your lawn healthier.
  6. Fertilize.

Prevention

Preventing your lawn from dying after the winter starts with your watering method. To help your lawn stay healthy year round, you should water:

  • Deep
  • Less frequently – don’t water every day
  • In the early morning, never in the afternoon due to evaporation or evening due to fungus.

After/During Drought

Many areas in California, Florida, Nevada, Oregon, Texas, Utah, and Oklahoma are experiencing severe drought conditions. Keeping a lawn healthy in these areas can be a challenge.

The Problems

  • Lack of water
  • Unbalanced soil
  • Unseasonably hot temperatures

The Solution

Before you start treating your lawn during a drought, make sure you know if any drought water laws or regulations exist in your area and comply with them.

  1. Aerate and fill holes with nutrient rich fertilizer.
  2. Water deep, evenly, and infrequently with a garden hose or professionally-installed irrigation system instead of hose sprinklers.
  3. Overseed or “seed and feed” to increase moisture retention and restore soil balance.
  4. Reduce mowing frequency and opt for a push mower instead of a ride-on one as heavy equipment can damage the fragile blades. Don’t mow your lawn until it gets to 3 inches to allow for maximum nutrient absorption into grass blades, and don’t cut off more than 1/3 of the leaf blade.

Prevention

The best prevention for a drought-ridden lawn is a wet winter and sufficient water supplies. Until Mother Nature cooperates, you can:

  • Install a deep irrigation system if you don’t already have one
  • Keep a watering schedule

 

I read this article at: HERE

Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

 

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.

 

The Economic Impact of Buying a Home

The Economic Impact of Buying a Home

We’re in a changing real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our friends and neighbors. Even practices for engaging with agents, lenders, and all of the players involved in a real estate transaction are changing to a virtual format. What isn’t changing, however, is one key thing that can drive the local economy: buying a home.

We’re all being impacted in different ways by the effects of the coronavirus. If you’re in a position to buy a home today, know that you’re a major economic force in your neighborhood. And while we all wait patiently for the current pandemic to pass, there are a lot of things you can do in the meantime to keep your home search on track.

Every year the National Association of Realtors (NAR) shares a report that notes the full economic impact of home sales. This report summarizes:

“The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.”

Here’s the breakdown of how the average home sale boosts the economy:

Screen Shot 2020-03-31 at 4.12.46 PM.png

When you buy a home, you’re making an impact. You’re fulfilling your need for shelter and a place to live, and you’re also generating jobs and income for the appraiser, the loan officer, the title company, the real estate agent, and many more contributors to the process. For every person or business that you work with throughout the transaction, there’s also likely a team behind the scenes making it all happen, so the effort multiplies substantially. As noted above in the circle on the right, the impact is almost double when you purchase new construction, given the extra labor it requires to build the home.

The report also breaks down the average economic impact by state:

Screen Shot 2020-03-31 at 4.13.46 PM.png

As a buyer, you have an essential need for a home – and you can make an essential impact with homeownership, too. That need for shelter, comfort, and a safe place to live will always be alive and well. And whenever you’re able to act on that need, whether now or later, you’ll truly be creating gains for you, your family, local business professionals, and the overall economy.

Bottom Line

Whenever you purchase a home, you’re an economic driver. Even if you’re not ready or able to make a move now, there are things you can do to keep your own process moving forward so you’re set when the time is right for you.  We’re here to help – Contact The Caton Team at any time!  Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654  |  Email |   Info@TheCatonTeam.com

I read this article HERE 

Got Real Estate Questions?   The Caton Team is here to help.

We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!

The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true.  How can The Caton Team help you?

A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.

Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654

Email |   Info@TheCatonTeam.com

The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?

The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  Mobile Real Estate by The Caton Team

Berkshire Hathaway HomeServices – Drysdale Properties

DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008

The Caton Team does not receive compensation for any posts.  Information is deemed reliable but not guaranteed. Third party information not verified.